Gambia’s AML/CFT System Under Scrutiny: Compliance Risk Assessment Raises Concerns

A comprehensive evaluation of The Gambia’s anti-money laundering and combating the financing of terrorism (AML/CFT) system has revealed areas of concern, prompting recommendations for improvement. This assessment was conducted in accordance with the 2012 Financial Action Task Force (FATF) Recommendations and methodology.

Assessment Methodology

The report assessed The Gambia’s AML/CFT measures as of the on-site visit date, using the FATF’s 40 Recommendations as a benchmark for evaluating compliance. This evaluation provides a snapshot of the country’s AML/CFT system and highlights areas that require strengthening to mitigate compliance risks.

Key Findings

The assessment identified several areas of concern, including:

• Effectiveness of AML/CFT measures: The report highlighted weaknesses in the effectiveness of The Gambia’s AML/CFT measures, which may lead to a higher risk of money laundering and terrorist financing.
• Compliance with FATF Recommendations: While The Gambia has made progress in implementing the FATF’s 40 Recommendations, there are still areas where compliance is lacking.

Recommendations for Improvement

The report provides a roadmap for The Gambia to address identified vulnerabilities and enhance its AML/CFT system. Key recommendations include:

• Strengthening AML/CFT measures: Improving the effectiveness of AML/CFT measures, including enhancing customer due diligence and suspicious transaction reporting.
• Enhancing supervisory capacity: Strengthening the supervisory capacity of relevant authorities to ensure effective implementation and enforcement of AML/CFT regulations.

Next Steps

The findings and recommendations outlined in this report will be reviewed and endorsed by the FATF. The Gambia is expected to implement the recommended actions to strengthen its AML/CFT system and mitigate compliance risks.